MiFID II and MiFIR require ESMA to develop a number of Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS). ESMA published a report of its final proposals for a total of 8 draft technical standards together with the draft technical standards in the annexes. The report describes the rationale behind ESMA’s final proposals.

The final report has been submitted to the European Commission which has three months from 11 December 2015 (this period can be extended by one additional month) to decide whether to endorse the technical standards.